We all know that marketing your brand, products or services is gold dust for your business, but why do so many get it wrong?
So many businesses invest in marketing, but never reap the rewards and this could be down to not
following the 7 P’s; you might have heard of the 5 P’s of marketing, but to get it really right you need to follow all 7.
Stephen Goddard, Creative Director and Brand Expert at KuKu Creative shares his tips of the fundamentals of successfully marketing your brand.
1. Product – First things first; is your product responsive to the needs of its target market? Is it relevant, affordable and accessible? Be honest! Second, know your product inside-out – you must be able to talk confidently about the features and benefits of your product both in person and in your marketing
materials. Don’t send out mixed messages; if your product is about luxury does everything in your marketing say ‘luxury’?
2. Price – Is price an important factor to your customers and do you want to shout about it? For a discount store the customer is likely to be price driven so the answer would be yes, but if you’re selling luxury leather handbags then perhaps not. You might even be inclined to inflate the price of your handbags to reinforce your brand’s quality status. Price anchoring is also a useful tool – by placing a premium product next to a standard one you create a clear sense of value to the customer which in turn will make the customer think they’re getting a bargain by purchasing the standard product. (look out for this technique on restaurant menus!)
3. Place – Roughly 1/5 of the cost of a product goes on getting it to the customer so think creatively and carefully about how you connect your business to your target market. What are the channel options for you Before the internet, Dell Computers analysed the personal computer value chain and eliminated the retailers from their distribution channel and started selling direct to the customer. This provided them with the option to pick the features they needed at a discounted price. It also furnished the company
with the information available regarding customer’s needs and requirements enabling them to predict market trends.
4. Promotion – How can you raise your customer’s interest when promoting your brand? Is it a special offer? A competition? A free trial maybe? Either way, your first step is to determine your target market and how best to reach them. A lot of money is wasted on ineffective promotion due to lack of research. Next you need the materials to let people know about it – are you focusing on social media? If so, you need a digital ad, or is your newsletter your most powerful tool? Ensure you apply a tracking code so once your promotional campaign is finished you can accurately review its success.
5. People – Ever heard the phrase “people buy from people’? Well it’s true as people are the most important element of any service. At some point in your business your customer is going to come into contact with you and/or your team so ensure the service is appropriate to the function. ie, a staff member taking an order will need to be quick, efficient and accurate whereas if your staff member is trying to sell an expensive product then relationship building and rapport are more important. Ensure you have the
right people doing the right job.
6. Process – this is where you need to put your potential customers at the heart of your business. You need to consider the process they will go through before buying, during and afterwards and ask yourself – are you adding enough value? Is the process smooth enough? Are there any unnecessary steps? Take regular feedback and be prepared to alter the process and remember that not every customer will need to go through the same one.
7. Physical Evidence – this is the physical environment, or space in which someone occupies when they consume your product, so think about the functionality, ambience and how your brand is infused into this. If this doesn’t apply then are there other ways a customer can evaluate your product before buying? Show you are a minimal risk by adding credence through price promises, guarantees or awards. By encouraging your customers to become emotionally attached to your brand they are more likely to remain loyal to you, recommend you and spend with you.
So there you have a brief snapshot of the ‘7ps’. If you would like to talk about your branding and marketing in more detail and find out how these can benefit your business please do feel free to book your free brand health check at:
Stephen’s talent and skill in branding goes back many years, so very much a born creative. His career, which began as a freelancer quickly gained him a reputation as someone with an eye for detail and
natural flair for creative concepts.
Now head of his own creative agency based in the heart of the Midlands, Stephen has advised international banks, pharmacy giants through to charities, consultants and new entrepreneurs.